Redcape offloads south west Sydney hotel for $47m
Redcape Hotel Group has sold the historic St George Hotel in Belmore for $47.1 million.
Michael Wiggins and Joanne Cassar bought the 114-year-old pub, which is one of NSW's top 50 gaming pubs, after recently selling their Oxford Hotel Drummoyne for $41.75 million to the Laundy Group.
Redcape chief executive Dan Brady said there were still "good acquisition opportunities" in the market, with the group actively looking at "value accretive refurbishments and acquisitions".
Speaking to the Australian Financial Review, Brady said the sale of the gaming hotel would lower group's gearing by two basis points to 36 per cent and was part of its strategy to maximise shareholder returns.
It has been almost a year since the group was floated on the stock market, with its share down slightly from the original listing price of $1.13.
Sheridan Randall, 1st November 2019
